Cryptocurrency News

ASTR price falls after Astar’s intention of burning 350M tokens

The trade price of ASTR dropped by 6.63%, following the plans of the Astar community to burn 350 million ASTR tokens, accounting for 5% of the total amount.

On its part, the Astar Foundation has reserved it regarding the Polkadot parachin auction, an exercise conducted for projects to be handed safe parachain compartments on the Polkadot relay chain.   

Projects about blockchain are required to place bids related to the DOT conventional token targeting the relay chain, a vital segment of the candle auction procedure. This is done to identify the ones connecting with the parachain compartment and about an agreed-upon period of lease. 

Towards the end of last year, Polkadot declared its intention to slowly discontinue the parachain auctions program and instead introduce Agile Coretime, otherwise known as Bulk Coretime.

Considering this, the Astar Foundation suggested the extraction of the distributed amount being circulated, which is in sync with its plans of enhancing ASTR’s tokenomics.

Rewards to the 74 million ASTR that has been yielded via the token disbursement will be kept aside by the community treasury to fund separate projects.

As per the Head of Astar Foundation, Maarten Henskens, the suggestion has been okayed, with the implementation to take place shortly.

With the leak of this information, the price of ASTR shot up to $0.0791, and its trade volume reached $78 million, a substantial increase from the previous $20 million.

About certain exchanges like Binance, the trade price of ASTR rose to $0.80, soon to drop. As of date, it has not been able to make any recovery.

Jason Palmer

Jason Palmer joined CoinNewsSpan as an editor and analyst. He has over five years of experience as a forex analyst. He holds a master's degree in business administration with specialization in finance. He is actively involved in analyzing the prevalent crypto trends. He has a keen interest in commodities and forex trading.

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